Core Viewpoint - The successful completion of the first concrete pouring for the nuclear island of the Shandong Zhaoyuan Nuclear Power Project marks the full launch of the project's first phase, which is a key initiative for China General Nuclear Power Group (CGN) to integrate into Shandong's energy development plan and promote green and low-carbon transformation in the region [1][2]. Group 1: Project Overview - The Zhaoyuan Nuclear Power Project is located in Yantai, Shandong, and is CGN's tenth nuclear power base in the country, with plans to build six "Hualong One" nuclear reactors [1]. - Once all units are operational, the project is expected to generate an annual electricity output of 50 billion kilowatt-hours, sufficient to meet the annual electricity needs of approximately 5 million people, while reducing standard coal consumption by about 15.27 million tons and CO2 emissions by approximately 46.2 million tons [1]. Group 2: Technological Innovations - The project features a high-level natural ventilation cooling tower, standing at 203 meters with a water collection area of 16,800 square meters, which is the first application of secondary circulation cooling technology in the "Hualong One" reactor [2]. - This cooling tower design allows for the direct cooling source to shift from the sea to the atmosphere, significantly reducing water head and energy consumption while ensuring cooling water is recycled [2]. - In extreme conditions, the cooling tower can maintain continuous operation of the reactor for at least 2 hours without external water supply, providing a buffer for safe shutdown [2]. Group 3: Comprehensive Utilization of Nuclear Energy - The project is actively planning for the comprehensive utilization of nuclear energy, integrating into the clean heating network of the Jiaodong Peninsula in Shandong Province [3]. - Each reactor can provide up to 1,000 tons of steam per hour for heating, covering an area of over 15 million square meters, which includes Zhaoyuan and surrounding counties [3]. - Future expansions will include industrial steam supply, nuclear hydrogen production, and seawater desalination, contributing to regional green and low-carbon development [3].

Core Points - The construction of the first "Hualong One" nuclear power unit with a cooling tower in China has officially commenced with the successful pouring of the first concrete for the nuclear island [1] - The project is a key initiative for China General Nuclear Power Group (CGN) to integrate into Shandong's energy development plan and aims to support the province's green and low-carbon transformation [4] - Once all units are completed, the project is expected to generate an annual electricity output of 50 billion kilowatt-hours, sufficient to meet the annual electricity needs of approximately 5 million people, while reducing coal consumption by about 15.27 million tons and CO2 emissions by approximately 46.2 million tons [4] Project Features - The project will feature six "Hualong One" units, with the notable innovation of a 203-meter high natural ventilation cooling tower, which utilizes secondary circulation cooling technology for the first time [5] - The cooling tower design allows for the direct cooling source to shift from seawater to atmospheric air, significantly reducing water head and energy consumption while ensuring cooling source safety [5][6] - The project also includes a nuclear-grade mechanical ventilation cooling tower, which can provide cooling for at least 30 days without external water supply, enhancing the cooling safety of the nuclear island [6] Construction and Technology - The construction of the cooling tower employs advanced techniques such as electric climbing formwork and mechanized construction to improve efficiency while ensuring safety [7] - Digital technologies have been integrated throughout the construction process, including modular construction and automated welding, enhancing construction quality and efficiency [8] - The project aims to transition from traditional construction methods to intelligent construction, utilizing automated production lines and smart templates [8] Comprehensive Utilization of Nuclear Energy - The project is also focused on the comprehensive utilization of nuclear energy, contributing to clean heating initiatives in Shandong's Jiaodong Peninsula [9] - Each unit can provide up to 1,000 tons of steam per hour for heating, covering an area of over 15 million square meters, benefiting the city of Zhaoyuan and surrounding areas [9] - Future plans include expanding applications for industrial steam, nuclear hydrogen production, and seawater desalination, promoting regional green and low-carbon development [9]

Core Viewpoint - The successful completion of the first concrete pouring for the nuclear island of the "Hualong One" nuclear power unit at the Shandong Zhaoyuan Nuclear Power Project marks the full launch of the project's first phase, which is crucial for integrating clean energy in Shandong's energy development plan [1][2]. Group 1: Project Overview - The Zhaoyuan Nuclear Power Project plans to build six "Hualong One" units, with the notable innovation of incorporating a cooling tower for the first time [2]. - Once all units are operational, the project is expected to generate an annual electricity output of 50 billion kilowatt-hours, sufficient to meet the annual electricity needs of approximately 5 million people, while reducing standard coal consumption by about 15.27 million tons and cutting carbon dioxide emissions by around 46.2 million tons each year [1][2]. Group 2: Cooling Technology - The project features a high-level water collection natural ventilation cooling tower, standing at 203 meters with a water collection area of 16,800 square meters, which utilizes secondary circulation cooling technology [2][3]. - This cooling system allows the nuclear power plant to use atmospheric heat for cooling, significantly reducing water consumption and energy use while ensuring cooling source safety [2][3]. Group 3: Safety Measures - The high-level water collection cooling tower can maintain continuous operation of the unit for at least 2 hours without external water supply, providing a buffer for safe shutdown in extreme conditions [3]. - Additionally, a nuclear-grade mechanical ventilation cooling tower is included, capable of providing cooling for the reactor for at least 30 days without external water supply, enhancing cooling safety for the nuclear island [3]. Group 4: Construction and Digitalization - The construction of the cooling tower employs advanced techniques such as electric climbing molds and mechanized construction to enhance efficiency while ensuring safety [4]. - The project integrates 36 advanced construction technology solutions, including automated welding and digital applications for real-time monitoring, significantly improving construction quality and efficiency [4]. Group 5: Comprehensive Utilization of Nuclear Energy - The project is also focused on the comprehensive utilization of nuclear energy, contributing to clean heating initiatives in the Shandong Peninsula and improving ecological conditions [5][6]. - Each unit can provide up to 1,000 tons of steam per hour for heating, covering an area of over 15 million square meters, with plans to expand into industrial steam, nuclear hydrogen production, and seawater desalination [6].

Core Insights - The Shandong Zhaoyuan Nuclear Power Project's Unit 1 has successfully completed the first concrete pouring for the nuclear island, marking the full launch of the project's first phase [1] - The project aims to support Shandong's green and low-carbon energy transition and high-quality economic development, with an expected annual power generation of 50 billion kWh, sufficient to meet the electricity needs of approximately 5 million people [1] - The innovative cooling system, featuring a 203-meter high natural ventilation cooling tower, represents a significant advancement in nuclear power technology, utilizing atmospheric heat instead of seawater for cooling [2] Project Overview - The Zhaoyuan Nuclear Power Project is the tenth nuclear power base established by China General Nuclear Power Group (CGN) in the country, planning to build six "Hualong One" units [1] - The project will significantly reduce coal consumption by approximately 15.27 million tons and cut carbon dioxide emissions by about 46.2 million tons annually [1] Cooling Technology - The project introduces a high-level water collection natural ventilation cooling tower, which allows for the direct cooling source to shift from the sea to the atmosphere, enhancing cooling efficiency and reducing energy consumption [2] - The cooling system includes both natural and mechanical cooling technologies, ensuring continuous operation of the unit for at least 2 hours without external water supply and providing cooling for the reactor for at least 30 days under emergency conditions [2] Construction and Digitalization - Advanced construction techniques such as electric climbing molds and mechanized construction methods are being employed to enhance safety and efficiency in building the cooling tower [3] - The project incorporates digital technologies for real-time monitoring and quality assurance, including automated welding and modular construction processes, marking a shift towards intelligent construction in the nuclear sector [3] Comprehensive Utilization of Nuclear Energy - The project is also focused on the comprehensive utilization of nuclear energy, contributing to clean heating initiatives in Shandong Province, with each unit capable of providing up to 1,000 tons of steam per hour for heating [4] - Future plans include expanding applications for industrial steam, hydrogen production, and seawater desalination, further promoting regional green and low-carbon development [4]

Core Viewpoint - The construction of the first "Hualong One" nuclear power unit with a cooling tower in China has officially commenced, marking a significant step in the Shandong energy development plan and contributing to the region's green and low-carbon transformation [1][2]. Group 1: Project Overview - The Shandong Zhaoyuan Nuclear Power Project's Unit 1 has successfully completed the first concrete pouring for the nuclear island, indicating the full launch of the project's first phase [1]. - Once all units are operational, the project is expected to generate an annual electricity output of 50 billion kilowatt-hours, sufficient to meet the annual electricity needs of approximately 5 million people, while reducing standard coal consumption by about 15.27 million tons and cutting carbon dioxide emissions by around 46.2 million tons each year [1]. Group 2: Innovative Features - The project features a 203-meter high natural ventilation cooling tower with a water collection area of 16,800 square meters, marking the first application of secondary circulation cooling technology in the "Hualong One" units [2]. - This design shifts the primary cooling source from seawater to atmospheric air, allowing for the recycling of cooling water and significantly reducing energy consumption and water loss, thereby enhancing cooling source safety [2]. Group 3: Safety Measures - The high-level water collection natural ventilation cooling tower can ensure continuous operation of the unit for at least 2 hours even under conditions of lost external water supply, providing a buffer for safe shutdown in extreme situations [2]. - Additionally, the project incorporates a nuclear-grade mechanical ventilation cooling tower, which can maintain cooling for the reactor for at least 30 days without external water supply, further strengthening the cooling assurance for the nuclear island [2]. Group 4: Comprehensive Utilization of Nuclear Energy - The project is also focused on the comprehensive utilization of nuclear energy, aiming to integrate into the clean heating network of the Jiaodong Peninsula in Shandong Province, thereby supporting clean heating and ecological improvement in northern regions [3]. - Each unit can provide up to 1,000 tons of steam per hour for heating, covering an area of over 15 million square meters, with plans to expand into industrial steam, nuclear hydrogen production, and seawater desalination in the future [3].

2025.11. 18 作者 | 第一财经 林春挺 本文字数：1633，阅读时长大约3分钟 又一台核电机组投入建设。 11月18日，中国首个配置冷却塔的"华龙一号"核电机组——中广核山东招远核电项目1号机组顺利完 成核岛第一罐混凝土浇筑，标志着该项目一期工程建设全面启动。 这是第一财经记者从中国广核集团（下称"中广核"）获悉的。 山东招远核电项目位于烟台招远市张星镇，是中广核在全国布局的第十个核电基地，规划建设6台"华 龙一号"核电机组。中广核总经理庞松涛表示，该项目是中广核积极融入山东能源发展规划、梯次打 造核风光储一体化清洁能源产业集群的关键项目。 喻向东进一步说明，冷却塔将核电站常规岛的直接冷源由大海变为大气，依托大气热阱带出常规岛热 力循环余热，海水仅作为补充水源。这一设计不仅实现了冷却水的循环使用，还大幅降低水头和能 耗，最大程度降低飘水率，有力保障了冷源安全。采用该技术的招远核电，拓宽了核能项目开发空间 布局，将为中国的核电建设开辟新路径、提供新经验。 中广核工程有限公司副总经理杨亚璋则对二次循环冷却技术的创新价值作了详细解读。他表示，高位 收水自然通风冷却塔凭借自身蓄水量，在失去厂外补水的特殊工 ...

Core Viewpoint - The construction of the first unit of the Shandong Zhaoyuan Nuclear Power Project, featuring the "Hualong One" reactor, has officially commenced, marking a significant step in China's nuclear energy development [1][3]. Project Overview - The Zhaoyuan Nuclear Power Project plans to build six "Hualong One" nuclear reactors, with an expected annual electricity generation of 50 billion kilowatt-hours, sufficient to meet the needs of approximately 5 million people [3]. - The project aims to significantly reduce coal consumption by about 15.27 million tons and cut carbon dioxide emissions by approximately 46.2 million tons annually, equivalent to reforesting over 110,000 hectares [3]. Technological Innovations - The project features a high-level natural ventilation cooling tower, standing at 203 meters with a water collection area of 16,800 square meters, which utilizes secondary circulation cooling technology for the first time in "Hualong One" reactors [3][4]. - This cooling system replaces seawater with atmospheric air as the primary cooling source, enhancing water recycling and reducing energy consumption [4]. Safety and Efficiency Enhancements - The cooling tower can maintain continuous operation for at least 2 hours without external water supply, providing a buffer for safe shutdown in extreme conditions [5]. - The project also includes a nuclear-grade mechanical ventilation cooling tower, which can provide cooling for the reactor for at least 30 days without external water supply, further ensuring safety [5]. Construction Techniques - Advanced construction techniques such as electric climbing molds and automated welding are being employed to enhance construction efficiency while ensuring safety [7]. - The project incorporates digital applications for real-time monitoring and quality management, transitioning towards intelligent construction methods [7]. Comprehensive Utilization of Nuclear Energy - The project is also focusing on the comprehensive utilization of nuclear energy, with plans for nuclear heating that can provide up to 1,000 tons of steam per hour, covering an area of over 15 million square meters [8]. - Future expansions may include industrial steam supply, nuclear hydrogen production, and seawater desalination [8].

Core Viewpoint - The Shandong Zhaoyuan Nuclear Power Project by China General Nuclear Power Group (CGN) has officially commenced with the successful completion of the first concrete pouring for the nuclear island of Unit 1, marking the full launch of the project's first phase [1] Group 1: Project Overview - The Shandong Zhaoyuan Nuclear Power Project is located in Zhangxing Town, Zhaoyuan City, Yantai, and is CGN's tenth nuclear power base in China, planning to build six units using the domestically developed third-generation nuclear technology "Hualong One" [1] - The first phase includes Units 1 and 2, each with a capacity of 1214 megawatts [1] - Upon completion of all six units, the project is expected to generate an annual electricity output of 50 billion kilowatt-hours, sufficient to meet the annual electricity needs of approximately 5 million people, while reducing standard coal consumption by about 15.27 million tons and CO2 emissions by approximately 46.2 million tons [1] Group 2: Comprehensive Utilization of Nuclear Energy - The project is actively planning for comprehensive utilization of nuclear energy, integrating into the clean heating network of the Jiaodong Peninsula in Shandong Province [2] - The nuclear heating system is designed to provide up to 1000 tons of steam per hour per unit, covering a heating area of over 15 million square meters, including Zhaoyuan City and surrounding counties [2] - Future expansions will include industrial steam, nuclear hydrogen production, and seawater desalination, contributing to regional green and low-carbon development [2] Group 3: Innovative Construction Techniques - The construction team is implementing a "one machine, one strategy" approach, planning 36 advanced construction technology solutions to enhance construction quality and efficiency [3] - Digital applications such as smart construction sites, digital sandboxes, and wireless temperature monitoring are being utilized for real-time monitoring and quality management [3] - The project employs an integrated intelligent template processing system for automated and intelligent production, significantly improving construction efficiency and quality [3] Group 4: Strategic Importance - This project is a key initiative for CGN to integrate into Shandong's energy development plan and to build a clean energy industry cluster that combines nuclear, wind, and storage [3] - It aims to support Shandong's green and low-carbon transition and contribute to high-quality economic and social development [3]

Investment Rating - The industry rating is "Outperform the Market" [5][12] Core Insights - The adjustment of value-added tax for nuclear power is expected to stimulate the accelerated deployment of Small Modular Reactors (SMR) [1][3] - The successful cold test of the "Linglong One," the world's first land-based commercial modular small reactor, marks a significant breakthrough in China's nuclear power innovation [4] - The comprehensive utilization of nuclear energy is becoming a trend, with SMR's modular manufacturing potentially lowering costs and addressing the challenges faced by third-generation nuclear power plants [3][4] Summary by Sections - **Investment Highlights**: The adjustment in value-added tax for nuclear power plants aims to support both newly approved and existing reactors, with a 50% tax refund policy for certain projects [2] - **Market Dynamics**: The competitive electricity market is pushing for the comprehensive utilization of nuclear energy, with experts suggesting the need for innovative business models and demonstration projects for small reactors [3] - **Technological Advancements**: The "Linglong One" reactor has been recognized internationally, setting a benchmark for the development of small reactors globally, and is seen as a key solution for meeting the energy demands of artificial intelligence [4] - **Investment Opportunities**: Companies such as Jingye Intelligent, Jiadian Co., Guoguang Electric, and others are highlighted for their potential in the SMR and nuclear energy sectors, showcasing significant growth prospects [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][5][22]. Core Views - The company's revenue for the first half of 2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% to 5.666 billion yuan [1][6]. - The company plans to distribute a semi-annual cash dividend of 0.02 yuan per share, with a payout ratio of 7.27% [2][20]. - The company is experiencing pressure on its performance due to a decrease in its stake in China Nuclear Huineng and a decline in its profits [1][3][22]. Financial Performance - In the first half of 2025, the cumulative power generation was 121.776 billion kWh, an increase of 15.65% year-on-year, while the cumulative grid-connected power was 115.104 billion kWh, up 15.92% year-on-year [1][6]. - The company's operating revenue for the second quarter of 2025 was 20.7 billion yuan, a year-on-year increase of 6.41% and a quarter-on-quarter increase of 2.11% [1][6]. - The net profit for the second quarter was 2.529 billion yuan, a decrease of 10.40% year-on-year and 19.37% quarter-on-quarter [1][6]. Operational Capacity - As of June 30, the company had 26 operational nuclear power units with a total installed capacity of 25 million kW, and 19 units under construction or awaiting approval with a capacity of 21.859 million kW [2][19]. - The company has increased its operational renewable energy capacity by 3.6287 million kW in the first half of 2025, including 762,900 kW from wind power and 2,865,800 kW from solar power [2][19]. Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 9.59 billion, 10 billion, and 11.15 billion yuan respectively, with year-on-year growth rates of 9%, 4%, and 11% [3][22]. - The current price-to-earnings ratio (PE) is projected to be 19 for 2025, 19 for 2026, and 17 for 2027 [5][22].